Ethereum Faces Key Resistance: Potential Pullback Ahead

4 hari lalu

Hello Guys!

What I see:

• Head and Shoulders Pattern:
  
• Left Shoulder: Formed
  
• Head: Peak, followed by a drop.
  
• Right Shoulder: Formed.
  
• The neckline break around $2,450 initiated a downside move, confirming the bearish setup.
  

Current Price Action:
ETH is currently trading near $2,519, attempting to reclaim the broken neckline zone, which now acts as resistance.
The price action is showing lower highs, hinting at weakening bullish momentum.

Bearish Retest in Progress:
The chart shows an anticipated bearish retest of the support-resistance flip zone ($2,530–$2,550), with a probable rejection leading ETH back down toward the $2,440–$2,450 support zone.

Demand Zone:
A strong demand area is visible between $2,420–$2,450. Price may revisit this zone before making the next major move.

Trend Channel:
ETH is moving within an ascending channel, and the lower bound coincides with the highlighted demand zone.

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Let's check this deja vu:



You can see that previously the price formed an H&S and after that did a hunting of the head! And after that price experienced a drop there! Same scenario here!

kelmarin

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